The emerging US carbon regime will create a carbon currency that can be manifested in many ways. For one thing, carbon can become an economic indicator for efficiency along the company supply chain. And because no one was collecting carbon emissions data in 1990, the baseline of both the Kyoto Protocol and California’s AB 32, there are many opportunities to create and deploy carbon planning tools. Thus construction of the baseline will be through financial statements such as 10K and 10Q.

I just gave an extensive interview today to the Wall Street Journal on "Carbon Trading." There is going to be a tremendous pick up in interest and activity in these markets as the Waxman/Markey bill makes it way through the House. This is the new legislation that will drive greenhouse gas markets in the US. The Obama Administration supports the bill although it is trying to be impartial. But the Senate seems unable to get its act together now.